Why Most People Don't Actually Own Bitcoin

In this video I explain why most people don’t actually own any Bitcoin or any other crypto currency for that matter.

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Bitcoin Cash

Etherum Classic

USD Coin

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22 thoughts on “Why Most People Don't Actually Own Bitcoin

  1. Bitcoin is like a VPN but for money. Sure, you can hide who you're sending the money to, but you're advertising the fact that you're hiding what you're doing, and most people that are using it aren't even getting that part right. Banks are salivating at the idea of crypto adoption because it would give them the power to control it just like they control the dollar today. Go on, tell me all about why that's not possible, and when you're out of breath from ranting, look at what percentage of Bitcoins on the chain are custodially held, what percentage are presumed lost, and what percentage remains as "maximum viable privately held coins". Sure, nobody can stop you from publishing a transaction and sending Bitcoins, but that doesn't matter. Government isn't going to stop you from committing the crime, they're going to punish you after the fact; and money laundering is considered a pretty serious offense. It just seems to me that if you need this tech in the first place, by the time the tech becomes technically viable for your purposes, it will no longer be socially viable for those purposes. Remember, money is a social construct; it's only as good as the person you're spending it with.

  2. All of these reasons are why cryptocurrency is a dystopian nightmare. People shit all over precious metals for being "boomer rocks". But at least you can anonymously transact very easily using precious metals. There is tons of overhead associated with cryptocurrency, even Monero, that prevents this. You are also much more likely to find someone willing to do an in-person transaction for gold or silver than you are for cryptocurrency. This crypto nonsense is just a libertarian trojan horse for the upcoming dystopian nightmare.

  3. I store mine on an old hard drive that is not mounted 99% of the time. I should not even have it plugged in if I really wanted to be safe but it's fine I think. Unless someone knows my passphrase, which I never ever store in a digital form, they can't do much anyway. The point is that the keys are mine and only mine.

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